Boston Managed Investments Limited (ACN 165 345 675) (AFSL 469808)
Phone: 1300 668 699

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2015 TT-RPS

January 2015

In January 2013 Think Tank Group Pty Ltd (Think Tank) carried out a A$2,000,000 capital raising through the issue of Redeemable Preference Shares in the company.

The raising was completed within days of opening and was oversubscribed. Investors who participated in that program will be aware that the raising was to, in part, fund the proposed securitisation of a proportion of the Think Tank loan book. This was successfully completed during 2014 and was the first small ticket Commercial Mortgage Backed Security (CMBS) deal completed in Australia since 2008 and has provided the impetus for Think Tank to secure a reduction in its overall cost of funds.

As a result of the completion of the CMBS transaction and the ongoing success of that program, Think Tank has received expressions of interest from institutional investors wishing to partner with Think Tank in its prudently managed evolution. In addition to expanding the core Small Ticket Commercial Mortgage business, Think Tank has
established a platform sufficiently robust to support a carefully targeted and managed diversification of its business into complementary asset classes alongside major Australian trading banks and internationally recognised investment banks.

With loans under management now approaching A$300,000,000 Think Tank has developed a well-recognised and respected niche in the domestic commercial property finance market. The growth in the loan book has been slightly slower than hoped, however the quality of the loan assets has not been compromised in any way in the search for growth. Arrears and defaults and realised losses remain below 0.1% while the company has bolstered its capital management arrangements to ensure that this
remains the case.

Executive management is currently in the final stages of progressing the company’s next evolutionary steps. Those steps include both product and capital diversification. The planned diversification in both products offered and the capital that support them, will serve to further strengthen and ‘de-risk’ the Think Tank business overall.

Think Tank Group Pty Limited 2015 Redeemable Preference Shares (2015 TTRPS)

This offer of Think Tank Group Pty Limited 2015 Redeemable Preference Shares (2015 TTRPS) (2015 Redeemable Preference Shares) is a component of the diversification of capital. Think Tank will redeem all existing Preference Shares, known as TT-RPS, prior to the issue of 2015 Redeemable Preference Shares. The 2015 Redeemable Preference Shares is being offered to existing unit holders of TT-RPS Units in the first instance, with
90% of those existing unit holders expressing their interest in participating.

This capital raising of up to A$3,500,000 is specifically intended to support business growth. Accordingly, existing TT-RPS unit holders will be given the option to increase their investment in advance of any new investors being invited to participate.

The 2015 Redeemable Preference Shares represents a significant step forward on several levels for the business and is an essential factor in directly facilitating the creation of greater overall lending capacity. It is also acknowledged as a fundamentally favourable development by the company’s primary relationship bank as well as by additional and alternative wholesale funders.

The capital committed will be utilised within the company’s funding arrangements and will support lending growth in the funding of mortgages through the existing warehouse and the release of new products to the market. It may also allow the active pursuit by the company of a number of book acquisition opportunities in the market today.

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Fund2015 TT-RPS
TrusteeTeltex Pty Ltd
ManagerBoston Managed Investments Limited
Investor TypeWholesale/Sophisticated/Institutional
StatusClosed / Capital Repaid
Inception30/1/2015
Minimum Investment$50,000.00
Unit Value$1.00
Coupon PaymentsPaid monthly in arrears
DRP Available?No
Fund Return ProfileHigh
Income Return RiskMedium
Capital RiskLow
Closed Date30/06/2015
Fund2015 TT-RPS
TrusteeTeltex Pty Ltd
ManagerBoston Managed Investments Limited
Investor TypeWholesale/Sophisticated/Institutional
Inception30/1/2015
StatusClosed / Capital Repaid
Minimum Investment$50,000.00
Unit Value$1.00
Asset Size$3,499,925
Number of Investors16
IM Version & DatesN/A
Entry/Exit FeesNil/Nil
Management FeesNil
Performance FeeNil
Expected Asset Life15 months
Capital GrowthN/A
Coupon PaymentsPaid monthly in arrears
DRP Available?No
Fund Return ProfileHigh
Income Return RiskMedium
Capital RiskLow

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